Do you have a household employee? You may be liable for “nanny tax”
You’ve probably heard of the “nanny tax.” This tax could apply to you even if you don’t employ a nanny. Other household hires may also make you liable for payroll
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Blog Month: October 2022
When are You Required to Make Estimated Tax Payments?
Do you receive interest, dividends, self-employment income, capital gains, passthrough, or other non-payroll income? If so, you may be a good candidate that should consider paying quarterly estimated tax payments. If
Tax Inflation Adjustments for 2023
Good news from the IRS this week as the tax inflation adjustments for 2023 have been released. The income tax rates, certain deductions, and limitations are adjusted for inflation EVERY
The facts about Tax-free bonds
Are Tax-free Bonds Really Free? Tax-free bonds are an attractive option for investing but are they really tax-free? There can still be a tax impact even if the bonds are
Offering Employee Fringe Benefits? Here’s what’s excludible from income.
Businesses can provide great benefit plans to employees that don’t cost them much or anything at all. Offering these benefits can be an effective way to recruit and retain top
IRS Warns Businesses to be Wary of ERC Scammers
Many businesses experienced financial hardship due to the COVID-19 pandemic. To incentivize employers who continued paying their employees during this trying period, the CARES Act introduced the “Employee Retention Credit”
Roth Conversions – is this the right time to pull the trigger?
Has the recent dip in the stock market caused your retirement account to lose value? This could be the perfect time to take advantage of converting your traditional IRA to
Escape Tax Liability by Using the “Innocent Spouse” Provision
By requesting innocent spouse relief, one of the spouses that filed a joint return can be relieved of the responsibility for paying taxes, interest, and penalties if the other spouse
Individual tax planning strategies
Fall is officially here, and tax season is right around the corner. Now is a good time to start thinking about what your tax bill may look like in April
Medicare Premiums: Beware of Adjustments When You Have a High Income Tax Year
The law requires an adjustment to your monthly Medicare Part B (medical insurance) and Medicare prescription drug coverage premiums when your income exceeds certain thresholds. If You Have a Higher